ORANGE, Calif., July 26, 2011 /PRNewswire/ -- InHouse Inc., a provider of appraiser management technology for banks, lenders, credit unions and other mortgage originators, announces it will have a direct integration to the Uniform Collateral Data Portal (UCDP) to electronically submit appraisals to Fannie Mae and Freddie Mac. All AMCs, appraisers and lenders on the InHouse Connexions platform will be able to submit appraisals to the GSEs in accordance with the new appraisal submission standards in effect for loans originated after December 1, 2011 and delivered on or after March 19, 2012.
Under the new submission standards, lenders may submit appraisals to the UCDP via its web interface, or they can partner with a provider integrated to the UCDP, such as InHouse, for greater process efficiency. "The possibility of relying on third parties to comply with the new submission standards in the most efficient manner has propelled thousands of lenders and appraisal companies to explore their options," explains Jennifer Creech, CEO and president of InHouse. InHouse welcomes the opportunity to provide support to lenders and their appraisal companies as they prepare for this important transition.
For lenders looking to access the UCDP portal electronically versus via the UCDP web interface, InHouse is providing lenders electronic access at no charge. In addition, lenders using the InHouse Connexions appraiser-management platform get the freedom and bandwidth to work with a limitless number of appraisers and appraisal management companies (AMCs), while also maintaining a single system of record for all appraisals. Connexions provides a highly effective system for comparing the performance of lenders' valuation providers, enabling the comparison of appraisers to AMCs, AMCs to other AMCs, and appraisers to other appraisers. "Using Connexions, it's easy for lenders to see who is performing optimally, and who is not," adds Creech.
Connexions empowers lenders to easily access and compare data on every appraisal report-a task that would be nearly impossible when uploading appraisal data through the multiple disparate delivery platforms used by a lender's various appraisal services providers. Thanks to Connexions' centralized database, lenders can easily generate reports on every appraisal submitted to the GSEs through the UCDP, even if the lender is using numerous disparate AMCs and appraisal companies.
As part of the new GSE appraisal submission requirements, appraisals must be supplied in MISMO XML format or as a first-generation PDF. Connexions can also easily convert first-generation PDFs into the MISMO format for faster submissions. Connexions also validates compliance and tracks the status of all appraisals.
"We make it easy for lenders to comply with the new appraisal submission guidelines," says Creech. "Connexions not only empowers lenders to stay compliant, it also helps them run their appraisal operations in whatever manner they find ideal."
About InHouse:
Founded in 2002, InHouse Inc. is a provider of appraisal solutions for the mortgage industry. The company, which represents a new concept in appraisal management, has a product and service line that includes InHouse Connexions, a web-based appraiser management platform, as well as InHouse Solutions, an independent appraisal management company. Connexions is currently in use by 28 mortgage banks, lenders, credit unions and other mortgage originators to efficiently and compliantly manage their appraisal vendors. For more information on InHouse, please visit www.InHouseUSA.com or call (888) 824-9885.
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SOURCE InHouse Inc.
